{"id":1867,"date":"2022-12-01T05:10:30","date_gmt":"2022-12-01T05:10:30","guid":{"rendered":"https:\/\/thecrimebd.net\/english\/?p=1867"},"modified":"2022-12-01T05:10:30","modified_gmt":"2022-12-01T05:10:30","slug":"labor-markets-in-172-countries-why-remittances-are-falling","status":"publish","type":"post","link":"https:\/\/thecrimebd.net\/english\/news\/1867\/","title":{"rendered":"Labor markets in 172 countries: Why remittances are falling"},"content":{"rendered":"

Dhaka Bureau:<\/strong> Remittances are not coming in proportion to the number of workers in Bangladesh in the world labor market. Currently there are labor markets of Bangladesh in 172 countries of the world. But due to the spread of the global epidemic corona and the Russia-Ukraine war, the global economic recession has also hit Bangladesh. Remittances sent by expatriates, one of the sources of economic growth of the country, have slowed down.<\/p>\n

Apart from this, remittances are not affected as money comes from outside the banking channel. Analysts have advised remittance fighters to be included in the investment policy to overcome this situation. Besides, they also emphasized on the adjustment of the bank rate and the price of the dollar in the open market. Considering the situation, the government has increased the importance of mobile banking including bringing money through legal means. Looking for a new labor market. And initiatives have been taken to send new workers to the old countries where workers have decreased by identifying the reasons.<\/p>\n

According to the data received, the biggest shock is in the month of September in remittances. This month, remittances fell by 500 million dollars. Remittances came in at $1.53 billion in September compared to $203 billion in the previous month. After that, expatriates sent less remittances in the entire month of October. In that month, the remittance came to 152 million dollars. In the first four days of November i.e. November 1 to 4, expatriate income is 21.26 million dollars. Then from November 5 to 11 came another 44 million 59 million dollars. In the first 11 days, total remittances came in at only 658.5 million dollars. Which is 11 million dollars less than the same period of the previous month. In the first 10 days of October, remittances came in at $750 million. Economists fear that if this trend continues, remittances will drop to $1.4 billion in November.<\/p>\n

Meanwhile, syndicates are not untangling Malaysia’s labor market. Remittances are coming from Saudi Arabia. However, remittances are affecting money coming in different ways outside the banking channel. Considering the situation, the government has emphasized on mobile banking. The new labor market of Bangladeshis in Eastern Europe is Romania, Bulgaria, Moldova. More than ten thousand workers have left Bangladesh in the last two years as workers in building construction, shipbuilding, agriculture, factories, garments, baby sitting and restaurants.<\/p>\n

The African island state of Madagascar has been newly added to the labor market of the outside world for Bangladeshis. The Ministry of Expatriate Welfare and Foreign Employment has allowed a recruiting agency called Asia Continental Group (BD) to send 1,036 workers to a construction project in the country. The door to send manpower to the Asian country Uzbekistan has been opened.<\/p>\n

According to a recent report by Japan’s government think tank group, the country will need about 6.74 million migrant workers to achieve the economic goals announced by the government by 2040. The Japanese Ministry of Foreign Affairs and the Japan International Cooperation Agency (JICA) are associated with this institution. An opportunity has been created for Bangladesh to enter this huge manpower market of Japan. There are about 1.72 million expatriate workers in Japan, while Bangladesh’s share is only 0.2 percent. The Japanese government like other countries is also interested in taking workers from Bangladesh.<\/p>\n

According to official data, Bangladeshis work in 172 countries of the world. Every year, 8 to 1 million government workers from Bangladesh go abroad. Most of them go as unskilled workers. However, Bayra claimed that more than 2 million workers go abroad with other visas. Remittances from Brunei, Kuwait, Mauritius, Singapore have also slowed down.<\/p>\n

According to the Bureau of Manpower Employment and Training, Bangladesh’s largest labor market is Saudi Arabia. Next are countries like Oman, Qatar, Bahrain. A few workers are also going to Jordan, Singapore, Romania. More or less Bangladeshi workers are going to 172 countries legally. Kuwait, Malaysia, United Arab Emirates and Maldives were once major labor markets for Bangladesh. Still many Bangladeshis work legally and illegally in these countries. But workers cannot legally go to these countries now. Bangladeshi workers are going legally to Poland, Romania, Bolivia. However, around one and a half lakh workers have returned to Bangladesh after the start of the corona virus infection. Many of them come on vacation. Many have returned later. Workers going to new countries are mainly on catering, nurse, caregiver etc. visas. But most of the workers are going to countries like Oman, Saudi Arabia as unskilled workers.<\/p>\n

It is known that 1 lakh 33 thousand 997 workers from Bangladesh went to Saudi Arabia till March 2020 before the pandemic. Although 3 lakh 99 thousand workers went to the country in 2019. Oman is now on the second position in the list of workers from Bangladesh. In 2020, 17 thousand 398 workers went to Oman until the start of the corona virus infection. Last year this number was 72 thousand 654 people. Basically these workers go as unskilled workers in construction, workshops etc. Most of the country’s migrant workers are Bangladeshis. In all, there are about eight lakh workers here. At least one and a half lakh workers among them became illegal or irregular due to corona virus infection. Oman’s economy is also under some pressure due to falling oil prices. That is why migrant workers are in crisis.<\/p>\n

In 2020, Singapore is the third largest source of workers from Bangladesh. A total of 9,418 workers went to the country that year. 49 thousand 829 workers went to the country from Bangladesh in 2019.<\/p>\n

3 thousand 503 people from Bangladesh went to Qatar in 2020. The number of Bangladeshi workers who went to the country last year was 50 thousand 292 people. Jordan is number five on the list of most departed workers. Mainly workers from Bangladesh go to the country in the garment, residential and construction sectors. 3 thousand 68 workers went from Bangladesh to Jordan in 2020 until March of that year. 20 thousand 347 workers left Bangladesh in 2019. Workers from Bangladesh have started going to Mauritius for a few years. 2 thousand workers went to the country in 2020. The previous year, seven and a half thousand workers left. Garment, tourism, restaurant and construction sectors are the most employed.<\/p>\n

Meanwhile, once many workers from Bangladesh went to work in Kuwait, but now the number of workers going there has decreased. 1743 people left Bangladesh in the first three months of 2020. Last year 17 thousand 398 people went to the country. Skilled and unskilled workers go from Bangladesh to United Arab Emirates, Bahrain, Lebanon, Libya, Sudan, Malaysia, South Korea, Italy, Egypt, Brunei, Japan, Iraq and United Kingdom. Many Bangladeshis are already working in Malaysia, Maldives, Bahrain, United Arab Emirates<\/p>\n

Analysts say that although the number of workers has decreased, remittances are not coming in proportion to the number of Bangladeshis who are currently in different countries of the world. They blamed the dollar price disparity and the hundi as the reason. In this context, the director general of the Bureau of Manpower, Employment and Training (BMET) Shahidul Alam told Bhorer paper that the difference between open market and bank rate in dollar should be reconciled. Besides, remittances should be included in the warriors’ investment policy. Inactivity of hundichakra should be prevented.<\/p>\n

He said that it has been made mandatory for the workers who are going abroad to open a bank account. Remittances are coming without any cost. In this, the departure of workers to Japan, Korea and Malaysia has increased. If all goes well, remittances will grow faster than the effects of war and corona.<\/p>\n

Bangladesh Bank Spokesperson, Executive Director Abul Kalam Azad said remittance is a flow. It increases during festivals including Eid-ul-Fitr. Bangladesh Bank has taken several initiatives to increase remittances, although it has decreased slightly due to the effects of Corona and war. As a result, he believes that remittances will increase in the next couple of months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dhaka Bureau: Remittances are not coming in proportion to the number of workers in Bangladesh in the world labor market. Currently there are labor markets of Bangladesh in 172 countries of the world. But due to the spread of the global epidemic corona and the Russia-Ukraine war, the global economic recession has also hit Bangladesh. 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